Shares of steel wire manufacturer Godawari Power and Ispat Ltd (GPIL) will be in focus during today's trading session as the company, in an exchange filing after market hours, has announced the allotment of 13,61,000 equity shares following the conversion of warrants. According to the information shared, the Stakeholders' Relationship Committee of the Board of Directors has allotted 13,61,000 equity shares of Re 1 at a premium of Rs 244 per share. The allotment was made to Meridien Realtech Private Limited (MRPL) after the entity exercised its option to convert warrants into an equal number of equity shares. The conversion was completed upon the payment of the remaining 75 per cent of the issue price, amounting to Rs 183.75 per warrant. This transaction aggregated to Rs 25,00,83,750.
Issue price of the warrants
The warrants were originally issued at Rs 245 each, which included a premium of Rs 244 per share. Following this allotment of shares, the company's total paid-up equity share capital has increased to 67,27,25,910 from 67,13,64,910 equity shares.
Following this conversion, MRPL's stake in the company has risen from 0.16 per cent to 0.37 per cent. These new shares will rank pari passu with existing equity.
Share price of the stock
The stock ended yesterday's volatile trading session in the red at Rs 300.20, down Rs 5.40 or 1.77 per cent from the previous close of Rs 305.60 on the BSE. The company's market cap stood at Rs 20,154.37. During the day, the stock hit an intraday high of Rs 308.15 and a low of Rs 298.20.
According to BSE Analytics, the stock has yielded a positive return of 8,285 per cent in 10 years and 680.55 per cent in five years. On a year-to-date (YTD) basis, the counter has gained 12.69 per cent, while the benchmark index has corrected by 7.83 per cent.
Meanwhile, the 30-share BSE Sensex closed 26.76 points or 0.03 per cent higher at 78,520.30, while the 50-share NSE Nifty edged up 11.30 points or 0.05 per cent to settle at 24,364.85.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
